tampa bay real estate

Real Estate Buying Process

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Real Estate Buyer Tips

Purchasing Power. First determine how much you can afford financially before you target real estate in a particular price range. Your purchasing power will depend on your income and current monthly debt payments.

Credit report. If you have any credit problems, get them addressed before applying for a mortgage loan. A free annual credit report is available at : www.annualcreditreport.com

Mortgage homework. Take the time to learn mortgage and home buying terms and understand what they mean. Study the additional costs, such as origination or application fees.

Mortgage Pre-approval. A mortgage pre-approval determines how much money you can borrow from your lender. As a side note, many sellers will give a better response to an offer that includes a pre-approval letter before reviewing the buyer’s offer.

Checklist. Use a homebuyer’s checklist at each house to keep track of important features like the amenities included, map the neighborhood and explore the schools as needed. Now you can compare the differences and characteristics of each home or condo in different locations.

Market Knowledge. When you know local market and home values, you’re less likely to overpay for a property. Your real estate agent should be your first source of that information. A Comparative Market Analysis and full MLS listing details of the most similar comparable properties will help you know how much you should offer. Owners who are eager to sell and willing to negotiate can be determined by your real estate agent pulling up property appraiser records, days on the market, is the property vacant etc...

Inspection. A licensed professional home inspector should be hired to determine if there are any potential problems. Your real estate agent can then negotiate the price or have the repairs completed per contract.

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